I have my 20% saved with my gf. 200k and want to buy a 1m home. What's the next step, how do I find a good mortgage broker in nyc?
Any recommendations?

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I don’t think 200k is enough for a million dollar home as I’m speaking from experience and Just bought a home that was 1.1. You’re going to need at least 20 percent down with a jumbo loan. You’re also going to have 30-40k in closing costs. Mortgage companies want to see that you have at least 6 months of liquid after closing as well. I would say, try to save another 100k more it lower your purchase price.

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Yes because your source of income could be lost at any time. No matter the loan amount, they want to see you’ll be able to cover the loan should you lose your job.

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If you DM me I can suggest a great broker who helped me get 3% rate (keep in mind I was 24 and didn’t have much credit and it was pre COVID)

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Or do you mean you have 20% and she also has 20%

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Yep - as many have covered you’ll need to take into account an extra 3-6% for closing. Source - currently in contract for a $1.4M place

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Remember things like mansion tax too. Literally in a similar situation but I think I’m just gonna throw out the idea of buying here. Opportunity cost is too high and it’s a longer hold to even get much out of it. I figure prices will be somewhat flat for awhile. To buy a place for 1-1.2 I want to have about $300-400K liquid. Down payment, closing costs, moving hell, furniture, etc. Not trying to be mega house poor. Need a good enough safety net especially in an expensive city.

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I don’t know if it still applies but if you’re a first time home buyer, you may be eligible for the star program. That’s how my husband and I purchased our first home back in 2016. We’re looking to upgrade in 3 years and plan to save roughly $200k as well. Without star, I don’t think $200k is enough for what you want. With the sale of our current home (we’ll probably net another $100k based on what we paid so far and a hopefully increased value from when we purchased) and the $200k savings, we’re still planning to look at under $1 million ($750k - $900k). We’re probably being conservative though but we’re also factoring in private school costs and don’t want to be house poor.

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I am looking into $1.1-$1.2M budget as well and we have $450k saved up with some additional backup in long term investment. The math was justified pre-covid but now that rents have dropped so much we are thinking about holding off another year, save up and then dive in. It's unclear if sale prices have dropped as much as rent or not

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Urgh. 200k was hard enough to save up, I thought 20% was what I needed. We have investments to show to cover the 6 months?

Murray Hill, Upper West Side

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